TheCityUK responds to ONS UK Labour Market Data (May 2016)

Chris Cummings, Chief Executive, TheCityUK, said,

One of the City’s greatest advantages is the ability of UK-based financial and related professional services firms to attract the best people from across the UK, the EU and the world at different stages in their careers.

As noted in a recent TheCityUK report, data shows that the impact of immigration on the economy has been positive. The brightest and best talent wants to come here to work, from the EU and beyond, which in turn helps to drive economic growth across the country and ultimately creates more employment opportunities. These skilled migrants also help ensure the UK’s competitiveness, strengthening the position of the UK as the leading international financial centre.

The average employee in financial and related professional services contributes £35,000 more to the economy than the average employee in other industries. While leaving the EU might not be ruinous for the UK economy, it risks making the UK less attractive to foreign investors and major firms. This could see jobs lost across the industry and weaken the economy with firms and workers seeking out other financial centres.